The Warhol, or at least the certificates that ensure a stake in its future value, will go up in a "dutch auction" - as outlined in the Maecenas whitepaper - on June 20th.
"We're making history. This event marks the first-ever artwork to be tokenised and to be sold using blockchain technology".
But there are also people, such as Duncan MacDonald-Korth, one of the co-authors of the DACS "Art Market 2.0" report, who remain convinced that the technological integrity of blockchain will eventually transform the art market.
According to the founder of Dadiani Syndicate, Eleesa Dadiani, "For the very first time in history, high-value, blue-chip artworks would be presented and can be owned by every single individual through the implementation of this unique technology platform".
At the moment, the piece is valued at $5.6 million dollars - which is 730 Bitcoins at current prices.
14 Small Electric Chairs is part of Warhol's 1980 Reversal series-a postmodern reworking of his iconic 1960s Death and Disaster Series.
After the acquisition process, owners will get tamper-proof digital certificates that are linked to works of art via blockchain. This will simplify and expand art investment even further. "Our shared vision is being implemented in the most exciting way - now we both look forward to embracing the resulting evolution of art investment". "The cryptocurrency will broaden the market, bringing a new type of buyer to art and luxury".
That particular piece has a reserve price set at $4 million, and all buyers must comply with local money laundering regulations.
The dimensions for 14 Small Electric Chairs are 202.5 x 81.8 cm.
A certificate of authenticity accompanies the work from the Andy Warhol Art Authentication Board in NY. The piece also features a finger swipe that is largely believed to have been made by Warhol's own hand.
The art industry's shift towards blockchain technology can be great news for art lovers.
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